The Irish Catholic Diocese of Cloyne has said that it may be forced to start selling Church assets to help pay settlement for victims of child sex abuse.

The announcement comes after the diocese released a report about its failure to prevent child sexual abuse from taking place in the Church.

A number of civil claims have prompted the Church to consider a fire-sale of assets, the Irish Independent has reported. The assets in question would consist of old church properties.

With the Diocese of Cloyne in a transition phase, the Vatican is looking to appoint a new bishop that will make key decisions about the Church’s finances. The newly appointed Bishop of Cloyne will take on the task of financially settling the clerical child sex abuse cases that have ravished the church.

Archbishop Dr. Dermot Clifford said the new bishop will be forced to take on a tough task.

"A new bishop will be appointed, hopefully -- from my point of view, the sooner the better," he said. "But it will probably take a little bit of time longer before a new bishop arrives in the diocese. He will have a hard job to do, I can tell you. “

Clifford spoke about the difficulty all members may face when a new bishop is brought on board. However, the greatest matter at hand will be balancing the Church’s finances while settling outstanding claims.

“Priests will obviously be very demoralized and very disappointed. They will need very strong leadership," Clifford said. “There will be a lot of compensation to be paid. Some has already been paid. The resources of the diocese financially will be very low -- and it will be a big job to do to rebuild the Diocese of Cloyne. It will take some time. It is a bit like our own economy at the moment,"

Cloyne has settled five compensation claims thus far, according to The Irish Independent. The Vatican expects to appoint the Diocese of Cloyne Bishop during the fall season.